BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Has $1.60 Million Holdings in Hormel Foods Co. (NYSE:HRL)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in shares of Hormel Foods Co. (NYSE:HRL) by 12.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,343 shares of the company’s stock after selling 7,381 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Hormel Foods were worth $1,596,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of HRL. EverSource Wealth Advisors LLC boosted its stake in shares of Hormel Foods by 688.3% during the first quarter. EverSource Wealth Advisors LLC now owns 741 shares of the company’s stock valued at $26,000 after purchasing an additional 647 shares in the last quarter. Central Valley Advisors LLC acquired a new stake in Hormel Foods during the 2nd quarter worth approximately $37,000. SG Americas Securities LLC boosted its position in Hormel Foods by 137.6% during the 2nd quarter. SG Americas Securities LLC now owns 156,484 shares of the company’s stock worth $4,771,000 after buying an additional 90,621 shares during the period. Diversify Advisory Services LLC grew its holdings in Hormel Foods by 33.5% during the 2nd quarter. Diversify Advisory Services LLC now owns 23,206 shares of the company’s stock worth $697,000 after acquiring an additional 5,821 shares during the last quarter. Finally, Czech National Bank increased its position in Hormel Foods by 8.5% in the 2nd quarter. Czech National Bank now owns 55,314 shares of the company’s stock valued at $1,687,000 after acquiring an additional 4,326 shares during the period. Institutional investors own 40.99% of the company’s stock.

Insider Activity

In other news, VP Steven J. Lykken sold 9,800 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $31.91, for a total transaction of $312,718.00. Following the transaction, the vice president now directly owns 30,589 shares of the company’s stock, valued at $976,094.99. This represents a 24.26 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Deanna T. Brady sold 51,600 shares of the stock in a transaction on Friday, September 13th. The stock was sold at an average price of $31.95, for a total value of $1,648,620.00. Following the completion of the transaction, the executive vice president now owns 72,421 shares in the company, valued at approximately $2,313,850.95. This represents a 41.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,400 shares of company stock worth $2,288,338. Company insiders own 0.69% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on HRL. Stephens initiated coverage on shares of Hormel Foods in a research note on Thursday, October 3rd. They issued an “equal weight” rating and a $31.00 price objective on the stock. Citigroup reduced their price target on Hormel Foods from $36.00 to $35.00 and set a “buy” rating on the stock in a research report on Tuesday, November 19th. Finally, BNP Paribas assumed coverage on Hormel Foods in a research report on Monday, October 21st. They set an “underperform” rating and a $28.00 price objective for the company. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Hormel Foods has an average rating of “Hold” and an average target price of $31.29.

Hormel Foods Stock Up 2.8 %

Shares of NYSE:HRL opened at $32.88 on Friday. Hormel Foods Co. has a 1 year low of $28.51 and a 1 year high of $36.86. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.29 and a quick ratio of 1.03. The business’s 50-day moving average is $31.08 and its 200-day moving average is $31.54. The company has a market capitalization of $18.03 billion, a price-to-earnings ratio of 23.15, a P/E/G ratio of 3.39 and a beta of 0.26.

Hormel Foods (NYSE:HRL) last posted its quarterly earnings results on Wednesday, December 4th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.01). The business had revenue of $3.14 billion for the quarter, compared to the consensus estimate of $3.14 billion. Hormel Foods had a return on equity of 11.03% and a net margin of 6.52%. Hormel Foods’s quarterly revenue was down 1.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.42 earnings per share. Equities research analysts predict that Hormel Foods Co. will post 1.58 earnings per share for the current year.

Hormel Foods Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, February 18th. Shareholders of record on Monday, January 13th will be paid a $0.29 dividend. This is an increase from Hormel Foods’s previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a yield of 3.53%. The ex-dividend date is Monday, January 13th. Hormel Foods’s payout ratio is 79.58%.

Hormel Foods Company Profile

Hormel Foods Corporation develops, processes, and distributes various meat, nuts, and other food products to retail, foodservice, deli, and commercial customers in the United States and internationally. It operates through three segments: Retail, Foodservice, and International segments. The company provides various perishable products that include fresh meats, frozen items, refrigerated meal solutions, sausages, hams, guacamoles, and bacons; and shelf-stable products comprising canned luncheon meats, nut butters, snack nuts, chili, shelf-stable microwaveable meals, hash, stews, tortillas, salsas, tortilla chips, nutritional food supplements, and others.